This should be the day Nigeria steps into the spotlight and basks in the glow of hosting the World Economic Forum in Africa .

It is the first time the West African country has hosted the VIP event since the Geneva-based WEF came to the continent nearly a quarter century ago -- but the spotlight has shifted .

Focus is now on the Nigeria 's list of problems in the North : kidnappings , terrorist attacks and killings .

The country has been a terrific economic growth story for the past few years , humming along at around 7 % . It is at the heart of what many define as an African Renaissance .

After decades of loans from international lenders such as the World Bank , high debt and little development , Africa is coming alive .

That is why Nigerian President Goodluck Jonathan and his highly regarded economic team were eager to bring global CEOs to their turf .

But Nigeria does have a couple of obvious economic black-eyes , most notably an inability to close the wealth gap between the North and South , which in turn has given fuel to the Boko Haram movement and , by extension , radical Islam .

These groups take issue with what they see as the negative influences of globalization . The WEF is seen as standing at the forefront of a policy discussion and networking linked to more , not less , globalization .

The best indicator for the wealth gap is per capita income . Let 's start in the financial capital of Lagos and work our way North .

In Lagos , it is pegged at just over $ 2,900 , according to a survey by Renaissance Capital . In the political capital of Abuja , where the economic forum is taking place , it rises to $ 4,000 .

But if one heads North to Borno -- the birthplace of Boko Haram -- per capita income is just $ 1,631 . There is an overemphasis on farming , very little in the way of an industrial base and the financial situation is even worse in surrounding states .

In Borno , alarmingly , 60 % of the population lives in extreme poverty , according to the Nigeria Security Tracker .

Poverty and violence often go hand-in-hand , and that is the case here . Nearly a third of all violent deaths in the country over the past two years have taken place in this region .

One can not overlook the effort by the terrorist group to ramp up the heat ahead of this high-profile business forum .

But at the same time one can not ignore the lack of progress in fighting off the violence and persistent corruption .

This government 's track record of unleashing pent-up demand is solid . After re-basing its economy in early April to take in services growth , Nigeria zoomed ahead of South Africa as the continent 's biggest economy .

Nigeria and South Africa are both plagued with high unemployment , but the former 's GDP now stands at over a half trillion dollars while the latter 's is at $ 325 billion . South Africa also struggles with less than a third of Nigeria 's growth .

South Africa 's President Jacob Zuma goes to the polls making the case that his country can serve as a springboard into the faster growing economies of West and East Africa , due to its lead in financial and trade services .

Nigerian private sector banks and telecom providers have a different view .

Nigeria has all the ingredients for growth : 170 million people , a low debt level and low budget deficit with the blessing of sizable proven oil reserves . At 37 billion barrels , the country is ranked second on the continent behind Libya .

It is a nice recipe for growth , but the rule of law and rooting out corruption rank high on the foreign investor check list . That is where Nigeria remains vulnerable .

More from John Defterios : Pocketbook politics will decide India 's electionOpinion : My country , the schizophrenic NigeriaRead more : 6 reasons why the world should demand action in NigeriaOpinion : Nigerians do n't care about their ` new economy '

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Nigeria has a nice recipe for growth , CNN 's John Defterios writes

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But he says the country remains vulnerable to violence and corruption

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The rule of law rank high on the foreign investor check list , he says